SECTION 590:10-17-8. Step-Up and post-retirement employment

(a)   A retired member who returns to work with a participating employer and who made an election to participate in the Step-Up prior to his or her retirement, is bound by that election and must continue to participate in the Step-Up for all periods of post-retirement participation. A retired member who returns to work with a participating employer and who either did not have an opportunity to make the election to participate in Step-Up or who was eligible but chose not to make the election can begin participation in the Step-Up at any time during his or her post-retirement employment after January 1, 2004.

(b)   For purposes of calculating post-retirement benefits for retired members who choose the Step-Up post-retirement, the addition of post-retirement benefits shall not be calculated at 2.5% until the additional Step-Up contribution has been paid on the entire 2076 hours of participation being used to calculate the member's benefit increase for that year in accordance with 590:10-7-15 and 74 O.S. Section 914.

(c)   It is the responsibility of the retired member to select the appropriate time, if ever, to elect the Step-Up for post-retirement participation. For illustrative purposes, if a retired member has participated in post-retirement employment for 1400 hours prior to making the Step-Up election, makes the Step-Up election and continues to participate as a retired member, the next 676 hours of participation while making Step-Up contributions will be combined with the previous 1400 hours and calculated at 2%. All future post-retirement participation will be calculated at 2.5%.

(d)   The member cannot change the Step-Up election date and cannot receive a refund of Step-Up contributions made for any periods which are not calculated at 2.5%.

[Source: Added at 21 Ok Reg 1759, eff 6-11-04]